BitInstant responds to the European Central Bank's report on Bitcoin and virtual currencies #euro #ECB

On Oct 29, 2012, the European Central Bank (ECB) released an official (and very nicely prepared) report called “Virtual Currency Schemes .” The 55-page report looks at several facets of what virtual currencies are, how they’re being used, and what they can do. As it happens, the term “Bitcoin” appears 183 times. In fact, roughly a quarter of the whole report is specifically dedicated to Bitcoin and it’s probably a safe assumption that Bitcoin’s growth over the past year was the catalyst for producing this study in the first place. Surely a number of other news sites will pick this report up and offer commentary (like here and here ), so it seems appropriate for us to convey our thoughts as Bitcoin insiders. Generally, the report is very good. It is well-written, professionally organized, presents accurate details (usually), advances rational arguments, and draws reasonable...